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Hong Kong Police: JPEX Case Involves Approximately 1 Billion HKD, Over 1,400 Reports Received as of

The police have arrested internet celebrities Zuo Lin and Chen Yi on suspicion of their involvement in the JPEX case, a virtual asset trading platform named by the Hong Kong Securities and Futures Commission. Reports suggest that the police had also identified another entertainer, but they were unable to make an arrest as the individual was not in Hong Kong.　　JPEX had previously been named by the Hong Kong Securities and Futures Commission for operating without a license. The police received a referral from the Commission on September 14th and, after conducting an investigation, arrested four men and two women in different areas on suspicion of “conspiracy to defraud.” They are currently in detention pending further investigation.　　The police have revealed that they have received reports from a total of 1,408 people related to this case, with an estimated amount of approximately 1 billion Hong Kong dollars involved.　　Vincent Chan, a lawyer specializing in financial market regulation and virtual assets in Hong Kong, mentioned that it might be challenging for JPEXs Hong Kong users to pursue civil claims at this stage. The current challenge lies in not knowing which legal entity held the client assets for JPEX and where this legal entity is

2023-09-19Deep Dive

Cosmos Unveils IBC 2024 Roadmap: Focusing on Scalability and Availability

According to official sources, Cosmos has released its IBC 2024 roadmap, focusing on two main themes: scalability and usability.　　Under the scalability objectives, the roadmap aims to shorten the time required for native IBC implementation, reduce IBC maintenance costs, and enable multiple blockchains to form IBC connections.　　The usability objectives are centered around improving and distinguishing the developer experience for IBC users and supporting the construction of more advanced cross-chain workflows on top of IBC.　　Its worth noting that over the past 12 months, IBC has facilitated 52 million transfers worth $29 billion on more than 100 chains.　　In previous news, the Interchain Foundation (ICF), which supports Cosmos development and ecosystem building, is formulating its development and funding priorities for 2024, along with the Interchain Stack roadmap. The Interchain Foundation has invited users to provide feedback by October 1st. The four strategic themes of the Interchain Stack roadmap include:　　Increasing modularity through generalized software to adapt more easily to specific use cases.　　Enhancing developer experience for easier construction using the Interchain Stack.　　Clearing technical debt to make faster progress.　　Driving user adoption.　　

2023-09-19Deep Dive

Coinbase Report: FTX's Cryptocurrency Holdings Sale Unlikely to Significantly Impact the Market

Coinbase stated in a research report that the sale of its cryptocurrency holdings by FTX is unlikely to have a significant impact on the market due to several mitigating factors.　　The report mentioned that, first and foremost, the token sale would not create sudden massive selling pressure on the market. The initial phase of liquidation limits is set at $50 million per week and will then increase to $100 million over the following weeks. Coinbase noted that approval from the committee representing FTX debtors would be required to permanently raise the trading limit to a maximum of $200 million per week.　　Furthermore, David Duong, the Head of Institutional Research, wrote that FTX maintains strict controls on the sale of tokens with certain “internal affiliations,” requiring a 10-day advance notice to the committee. As part of the token redemption plan, a significant portion of FTXs holdings in SOL will be locked until 2025, and the same applies to other tokens that need to be sold.　　Finally, the report added that once committee approval is obtained, FTX will have the ability to hedge its sales of BTC, ETH, and other tokens through investment advisors.　　

2023-09-19Deep Dive

U.S. Judge Denies Immediate Access To Binance.US Software In SEC Lawsuit

In a recent development, the U.S. Securities and Exchange Commission (SEC) faced a setback in its legal battle against Binance.US, the cryptocurrency trading platform. The SEC had sought immediate access to Binance.USs software but failed to convince U.S. Magistrate Judge Zia Faruqui to grant such access, Bloomberg reported.　　The SECs case against Binance.US, its international affiliate Binance Holdings Ltd., and CEO Changpeng Zhao has been ongoing since June, with the regulator struggling to obtain necessary information. The SEC had requested a federal magistrate judge allow an inspection of the companys technological infrastructure and compel the company to provide the requested information.　　However, Judge Zia Faruqui encouraged both parties to collaborate on discovery requests and advised the SEC to refine its information requests. The judge also permitted the SEC to depose certain shareholders to determine the safety of Binance.US‘s funds. One key concern in the SEC’s argument is the relationship between Binance.US and Ceffu, its service provider, and whether it complies with an order to keep U.S. customer funds separate from the global entity.　　The SEC and the company have disagreed on document production and deposition requests, with Binance.US asserting that many of the SECs requests are overly broad. The SEC disclosed that the

2023-09-19Deep Dive

Sui Network Currently Has More Than 6 Million Active Accounts

In a remarkable achievement, Sui Network, a cutting-edge layer 1 blockchain, has proudly announced that it now boasts over 6 million active user accounts. This milestone is particularly impressive considering that the Sui mainnet was unveiled just over four months ago on May 3, 2023.　　Distinguishing itself as a layer 1 blockchain akin to Bitcoin and Ethereum, Sui Network serves as the foundational infrastructure for authentication and transactions. Beyond this, it supports a diverse array of tokens, positioning itself as one of the most promising newcomers in the blockchain landscape this year.　　What sets Sui Network apart from its peers is its relentless commitment to instant transaction precision, reduced smart contract deployment delays, and overall transaction speed. To achieve these objectives, the network relies on Move, a native programming language rooted in the Rust cryptocurrency programming language. Moves goal is to streamline the development of smart contracts, thereby broadening accessibility and functionality within the burgeoning DeFi industry.　　In a groundbreaking move, the Sui Foundation revealed on September 13 that users can now access decentralized applications (dApps) using their Google, Facebook, and Twitch login credentials, courtesy of the innovative zkLogin (Zero Knowledge login) feature. This development is set to empower users to explore the

2023-09-19Deep Dive

BitBoy’ Armstrong Exonerated, Celebrities End FTX Battle

Ben “BitBoy” Armstrong has been released from a lawsuit, while three prominent celebrities have opted for settlements in relation to the case.　　A recent court filing revealed that the “Co-Lead Counsel is filing a Notice of Voluntary Dismissal of claims against FTX Defendant Ben Armstrong and will file a Notice of his settlement in the related Binance matter.” This development marks a significant turn of events in the complex litigation.　　Armstrongs position in the lawsuit was peculiar, as he had not responded to the allegations or initiated any formal legal action, such as requesting the court to decide the case based on the presented evidence, foregoing the need for a trial.　　Meanwhile, in an unexpected twist, Jacksonville Jaguars quarterback Trevor Lawrence and popular YouTube influencers Kevin Paffrath and Tom Nash have chosen to settle the lawsuit against them. However, the specific terms of these settlements have not been disclosed yet. The court is currently awaiting approval from U.S. Judge K. Michael Moore to officially acknowledge these settlements and remove the three from the ongoing legal battle.　　The Co-Lead Counsel, responsible for representing the claimants, is also in the process of confidential settlement discussions with other FTX Defendants, indicating that additional settlements are likely to

2023-09-19Deep Dive

Cryptocurrency Theft Totals Approximately $7 Billion in Value

DefiLlama has posted an update on the X platform, stating that the total value of cryptocurrency thefts has now reached $7 billion. Within this figure, the total value of thefts in the DeFi sector amounts to $5.53 billion, while bridge projects account for thefts totaling $2.66 billion.　　Since the beginning of 2021, there has been a gradual increase in the amount of stolen funds, with a significant portion of the thefts occurring in 2022. In contrast, the total amount of stolen funds in 2023 has decreased relative to 2022.　　Upon conducting statistical analysis, it is evident that although the amount of stolen funds was larger in 2022, there have been more incidents of theft in 2023. This can be attributed to the overall decrease in the cryptocurrency industrys fervor and a reduction in the total market capitalization.　　

2023-09-18Deep Dive

$21.9 Million Stolen from Harmony Protocol Traced to Russian Exchange

Chainalysis data reveals that approximately $21.9 million worth of cryptocurrencies stolen from Harmony Protocol have recently been transferred to a Russian exchange known for facilitating illicit transactions. Furthermore, Chainalysis has evidence suggesting that North Korean entities have been using Russian services, including this exchange, for money laundering activities since 2021.　　In a previous incident on June 23, 2022, Harmonys cross-chain bridge suffered an attack, resulting in losses of approximately $100 million. On January 13, hackers began transferring funds from Tornado Cash withdrawals and subsequently moved some of the funds to the Railgun privacy network for deposits and withdrawals. They later transferred a portion of these funds to exchanges and withdrew them to the BTC network.　　

2023-09-18Deep Dive

CoinEx: 30% Completion of Wallet System ReconstructionCoinEx: 30% Completion of Wallet System Recons

CoinEx Global Provides Updates on Security Incident on the X Platform:　　Our team is actively collaborating with blockchain security firms to track and identify stolen funds and related hacker addresses. We have made significant progress in this regard.　　Furthermore, the reconstruction of our wallet system is now 30% complete. This comprehensive rebuild encompasses 211 chains and 737 different cryptocurrencies.　　In a recent update, CoinEx has preliminarily determined that the security incident was caused by the leakage of hot wallet private keys. The investigation and remediation efforts are progressing smoothly. The attack primarily involved cryptocurrencies such as BTC, ETH, XRP, BCH, SOL, among others, and the specific value is still being calculated. Assets in CoinExs cold wallet were not affected by this incident.　　

2023-09-18Deep Dive

Hong Kong Arrest A Celebrity In JPEX Controversial Crypto Exchange Investigation

Key Points:　　Hong Kong internet celebrity Lam Zuo was arrested for promoting the controversial crypto exchange JPEX. Police respond to referrals from both the China Securities Regulatory Commission and the Securities and Futures Commission. Over 83 reports against JPEX, involving around HK$34 million, have been received by the Hong Kong Police.　　In a significant development involving the virtual asset trading platform “JPEX,” the Hong Kong Police Commercial Crime Bureau has made an arrest in connection with the case.　　According to local reports, the individual apprehended in this case has been identified as Lam Zuo, a prominent Hong Kong internet celebrity. Lam Zuo stands accused of promoting the controversial cryptocurrency exchange.　　This arrest follows an ongoing investigation into the activities of JPEX, which has been under scrutiny by both local and international authorities. The Hong Kong Police initiated this action after receiving a referral from the China Securities Regulatory Commission, suspecting fraudulent activities linked to the exchange.　　To address the growing concerns about potential fraud associated with JPEX, Hong Kongs Police Commissioner, Siu Chak-yi, revealed that the Securities and Futures Commission (SFC) had also flagged the matter. The Commercial and Crime Investigation Bureau has consequently launched an investigation into the allegations.　　In a recent statement, the SFC

2023-09-18Deep Dive
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